Nebius Group N.V.

The Nevis Group's first quarter 2025 earnings call. My name is Neil Doshi. I'm head of investor relations. Joining me today to discuss our results are Arkady Volosh, founder and CEO, and members of the management team. Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as a result of various factors, including those set forth in today's earnings press releases. and in our annual report on Form 20F filed with the SEC. We undertake no obligation to update any forward-looking statement. During the call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release, an accompanying shareholder letter, and an investor presentation our website at group.nebius.com forward slash investor-hub. We ask that you enter your questions into the webcast portal, and we will be reviewing and consolidating the questions for Q&A. And now I'd like to turn the call over to Arkady and the team, who will go over a few slides that we've presented for this investor presentation. Yeah, thanks.

Thanks, Nils. Thank you, everyone, for joining our Q1 2025 results call. I will start with saying that demand for AI compute was very strong in first quarter and actually our results show it. Our revenue grew nearly 400% year over year and our analyzed run rate revenue grew nearly 700%. We saw great momentum in our core infrastructure business. We ended the quarter with a solid cash balance of $1.4 billion. and we actually continue to invest in our infrastructure. To that point, we are rapidly building our capacity to serve customers around the world. This is a global race, as you understand, and we are well placed with our footprint in the US, Europe, and now in the Middle East. As you can see here on the slide, we added three new locations recently, and there's more to come. We're exploring new locations for capacity build-out and we hope to share more news with you very soon. We also announced some new partnerships this quarter to build our strong relationship with NVIDIA as well as Metal Llama. And finally, we had a very productive quarter with respect to building out our technology stack. And we are getting industry recognition for our AI cloud offering. Here, as an example, SEMI Analysis ranked us in the golden tier of the GPU cloud cluster marks rating system. And now I'll hand over to Ray Kuralenko to discuss some of the key products we launched in Q1.

Thank you, Arkady. And hello, everyone. We believe that the And the quality of our tech is a significant differentiator against the other Neo clouds. We made the great progress in Q1 in further developing our AI cloud offering and had a number of notable product launches. First of all, we launched the Slurm-based cluster upgrades, such as automatic recovery for the failed nodes, proactive system health checks to detect the issues before jobs actually fail. This changes reduces downtime for customers and improved capacity availability on our infrastructure, which led to around 5% improvement on available nodes for the commercial use, which is quite significant. Several platform services were released and moved from the beta phase to the general availability. MLflow and JupyterLab notebook as examples, but there was much more. We also invested a lot of time and efforts in reliability and performance of the platform. Notably, we launched enhanced object storage, and this ensures that large data sets can be assessed and saved quickly during model training runs, reducing time to results. And building on that foundation of our homegrown storage capabilities, we have also partnered with three leading storage providers, such as DDN, VAST, and VECA. And that enables us to deliver the best possible experience for all customer scenarios going forward with the Blackwell generation clusters. Last but not least, we expanded integrations with external AI platforms, such as Metaflow, D-Stack, Skypilot, and that allows customers to bring the existing tools into our ecosystem with minimal friction. And partners, Daniel will talk about our partners.